exchange rate paradox

i majored in economics in college. i even took some international trade and international monetary policy classes with very good professors. by and large, i understand that macroeconomic factors dictate as to how this currency over here is valued against that currency over there; that the more america BUYS from foreign countries relative to how much it SELLS to foreign countries, the lower the dollar will be valued against those foreign currencies. i also know that from a free market perspective, a pegged rate (such as what the chinese had against the dollar until 2005) is not fair and should be discouraged. currency exchange is a huge industry, and many people (and governments) make and lose a ton of money based on the future performance of certain exchange rates in forward exchange markets.

on a practical level, however, besides having forgotten much of what i learned in college, all i really care about is that there is an inherent paradox involving how the exchange rates affect me as: 1) an american citizen who wants our economy to do well (which to a larger and larger degree is a function of how cheaply american goods can be sold vis-a-vis those of other countries) and 2) a semi-frequent traveler to europe who wants to be able to eat dinner at restaurants in paris and london without feeling like i'm wasting money because the dollar has lost so much value since the late 90's.

the tradeoff just isn't fair! either the economy is going to suffer (because the dollar is worth a lot) because our goods are relatively expensive, or my summer vacation to the mediterranean is not going to be as much fun (because the dollar is so cheap). i mean, where else am i going to 'summer?' cape cod?!? please, that little trend is over.....

the reason i got to thinking about exchange rates is because of my recent trip to london, paris, and barcelona. london, especially, was so prohibitively expensive that it really affected my outlook on that fine city. the new record low the dollar recently reached against both the pound and the euro only makes it even more expensive for americans to travel to europe.

i guess i should quit whining and just be happy for american manufacturers and workers.

but what about me???